The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Precision Gearbox Market.
It was estimated prior to this unanticipated outbreak Precision Gearbox Market will reach CAGR of 8.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Precision Gearbox Market Insights
Precision Gearbox market is likely to witness a CAGR of 8.2% during the forecast period. The major factors that are driving the precision gearbox market are growing automation in the manufacturing sector and technological advancements for energy efficiency.
Market Share Analysis
Precision Gearbox Market Share: By Product Type
Based on the product type, the market is segmented as parallel, right angle, and planetary. The planetary segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Planetary gearbox offers high accuracy and reliability, and have high service life; the major factors behind its dominance. Right angle precision gearbox is expected to witness significant growth during the forecast period owing to its angular alignment which leads to its extensive application under limited space.
Precision Gearbox Market Share: By Application Type
Based on the application type, the precision gearbox market is segmented as military & aerospace; food, beverage & tobacco; machine tools; materials handling; packaging; robotics; medical; and others. The robotics segment holds the largest share of the market and is also expected to witness a healthy growth during the forecast period. Significant development in the aera of robotics and increasing use of artificial joints and limbs of humanoids are the major factors behind the dominance of the robotics segment.
Precision Gearbox Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period owing to growth in manufacturing sector and advent of automation in key countries such as Japan, South Korea, China, and India. Significant economic development in the Asia-Pacific, growing spending power of consumer, rapid urbanization, and ongoing shift of manufacturing base from North America and Europe are the major factors driving the growth of the Asia-Pacific’s precision gearbox market. North America and Europe are also expected to offer significant growth opportunity during the forecast period.